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Eighth oil discovery offshore Guyana…Longtail is it!!

Hess Corporation (NYSE: HES) today announced an eighth oil discovery offshore Guyana at the Longtail-1 exploration well, creating the potential for additional resource development in the southeast area of the Stabroek Block.

The well encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940 meters) of water. The Stena Carron drillship began drilling on May 25, 2018.

The Longtail-1 well is located approximately 5 miles west of the Turbot-1 well and follows previous world-class discoveries on the Stabroek Block at Liza, Payara, Liza Deep, Snoek, Turbot, Ranger and Pacora.

Longtail drilling results are under evaluation; however, the combined gross recoverable resources of Turbot and Longtail are estimated to exceed 500 million barrels of oil equivalent.

CEO John Hess said: “We are very pleased with this eighth significant oil discovery, which reaffirms the remarkable exploration potential of the Stabroek Block.”

Following completion of the Longtail-1 well, the Stena Carron drillship will move to drill the Hammerhead-1 well located approximately 9 miles southwest of the Liza discovery. The operator plans to add a third drillship that will operate in parallel to the Stena Carron to explore the Block’s numerous high value prospects.